biggest pump price hike<\/a> on record starting Tuesday \u2014 gasoline by P7.00 to P13.00 per liter, diesel by P17.50 to P24.25 per liter, and kerosene by P32.00 to P38.50.<\/p>\nThis comes as the Strait of Hormuz, a key global shipping corridor located between Iran and Oman, has been closed off amid the ongoing conflict among the United States, Israel, and Iran. It is considered the world\u2019s most vital oil export route, connecting the biggest Gulf oil producers with the Gulf of Oman and the Arabian Sea.<\/p>\n
According to Garin, amending the Oil Deregulation Law could benefit in the long term, but there are more pressing matters for the near term.<\/p>\n
\u201cI do believe that is a good option for us, a certain degree that DOE would have the mandate to regulate to a certain extent the prices of oil, especially pump prices. That is a welcome change for us in the future. What we are seeking now is the immediate solutions that we can find in the next two, three, or four weeks,\u201d she said.<\/p>\n
\u201cThe Oil Deregulation doesn\u2019t only speak about prices. There are other things that it regulates, so maybe an amendment to the law, not the entire law. If Congress wishes to do so, that is the legislative action. As an executive, we will only follow what the law says,\u201d she added.<\/p>\n
In terms of limiting purchase volumes, Garin said there is currently no need to implement a cap as some retailers have been reported to do so.<\/p>\n
\u201cWe haven\u2019t issued anything on that yet and I don\u2019t think we are anticipating that. So far, as our computations are, if we do consumer as much as we historically do, there\u2019s no need to cap the consumption,\u201d she said.<\/p>\n
\u201cI think practically, a public utility, that would not be allowed\u2026 Let me just check on that with my lawyers, but I don\u2019t think you can limit public service,\u201d she added.<\/p>\n
At present the Philippines is seeking alternative sources of fuel products even as supplies are still enough to last until the end of April.<\/p>\n
\u201cWe have more than enough time so there\u2019s no shortage. What will distort the market is if some people, unscrupulous people, would hoard kasi masisira talaga kasi ano na yan, may trend na \u2018yan kung ilan naco-consume natin everyday, how much we need for supply for the next 15 days,\u201d she said.<\/p>\n
\u201cBut if there are people that keep on hoarding and hoarding and probably think that they can sell it more expensive in the next few weeks, then that will really affect us, so let\u2019s guard ourselves against that,\u201d she added.<\/p>\n
Undersecretary Alessandro \u201cSandy\u201d Sales said the Philippines traditionally imports from Asia, with China, South Korea, and Singapore as the dominant sources. It is now looking at securing supplies from the United States, Canada, Australia, and India.<\/p>\n
\u201cThe US has relaxed the ban on Russian crude trading. India gets a lot of its crude oil from Russia as well, so it will open the tap and we think this action can relieve some of the regional pressures on finished products,\u201d he said in the same briefing.\u2014AOL, GMA Integrated News<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"With pump prices posting a record weekly increase, the Department of Energy (DOE) on Monday said it has…\n","protected":false},"author":2,"featured_media":375561,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[79,12074,179,18,19,17,169300,173133,173091,173132,169338],"class_list":["post-375560","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-doe","tag-economy","tag-eire","tag-ie","tag-ireland","tag-middle-east-conflict","tag-oil-deregulation-law","tag-oil-price-hike","tag-sharon-garin","tag-us-iran-conflict"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116198305158385634","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/375560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=375560"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/375560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/375561"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=375560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=375560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=375560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}